But the American millionaire, who once advised Prime Minister David Cameron, told jurors that at the time he believed she was an experienced 17-year-old and insisted he would never "knowingly" have sex with a child.

The court heard he gave the girl and a friend who accompanied her £60 each in cash, which Richard insisted was a "gift" and not payment.

A jury of eight women and four men deliberated for four hours and 15 minutes before finding Richard, of Islington, north London, not guilty of three counts of sexual activity with a child, one of causing or inciting a child to engage in sexual activity and a charge of paying for sexual services.

Richard was emotional as the verdicts were delivered and left the court in tears.